In a recent Florida Senate Banking and Insurance Committee meeting, Barry Gilway, the CEO of Citizens Property Insurance Co. informed lawmakers that it is not just a few Florida property insurance companies that are experiencing financial trouble, but the majority of insurers in the state. According to Gilway, almost every insurance carrier in the state […]
Recently, a federal judge blocked the state of Florida from enforcing a portion of their new property insurance law that was supposed to prohibit roofing contractors from advertising to potential customers. Chief U.S. District Judge Mark Walker put a preliminary injunction in place after a request from Brandon-based Gale Force Roofing & Restoration LLC. They […]
The Florida House moved a bit closer to passing a property insurance bill on Friday when HB 305 was approved by the House Commerce Committee. However, the House bill is significantly different from a bill passed by the Senate. Lawmakers will need to reach some sort of agreement on a final version by the scheduled […]
There is a good chance that Florida homeowners will be paying more for flood insurance in the near future according to a new analysis done by First Street Foundation, a nonprofit research group that is focused on how climate change impacts on property value. Their analysis found that most Florida residents face a higher flood […]
Baby Boomers, which is the generation born between 1946 and 1964 retired in record rates during 2020. According to statistics, roughly 2 million boomers have retired every year since 2011. However, in 2020, a whopping 3.2 million boomers turned in their two-week notice. Luckily, Baby Boomers have seen a huge surge in home values as […]
Citizens Property Insurance Corp. may be increasing residential homeowner rates by an average of 7.2 percent this year. Citizens Property is the state-backed insurer of last resort, they have been dealing with a flood of new policyholders due to trouble in the private insurance market in Florida. According to a recent Miami Herald article, the […]
A recent analysis found that Florida’s property insurance market is “spiraling towards collapse” and needs immediate attention if there is any chance of protecting consumers and the property insurance market in the Sunshine state. The analysis was done by Guy Fraker of Cre8tfutures Innovation System & Consultancy. Fraker has worked with the insurance industry for 30 years. […]
Citizens Property Insurance Corp and Heritage Property and Casualty in Florida have started going after alleged fraudsters who submit fraudulent claims with a legal tool that was developed to help prosecutors convict organized crime members. In recent lawsuits, Citizens Property Insurance Corp. and Heritage Property & Casualty have claimed that certain repair contractors and their legal partners […]
Angry Florida homeowners have seen shocking increases to their homeowner insurance costs over the last year and are now putting pressure on state lawmakers to step up and help lower the sky-high cost of property insurance in the Sunshine State. Property owners have seen premium hikes as high as 30% to 40% at policy renewal. […]
Florida gains about 300,000 new residents every year and 2020 has been no exception, despite the challenges of the pandemic. Unfortunately, many of those new residents, as well as longtime residents of the Sunshine State will be looking at major homeowner insurance rate increases in the coming years. Florida is on the verge of large […]